The Late Show with Stephen Colbert's $40 million annual losses led to its cancellation according to two liberal media columns, dismissing political motivations.

CBS parent Paramount insists that this week's decision to cancel Steven Colbert's “Late Show” was strictly financial, and had nothing to do with politics.

In the wake of Colbert's cancellation, TheWrap spoke to industry insiders to figure out what late night's future may look like.

Since Stephen Colbert announced that the "Late Show" was canceled, viewers and industry insiders alike have been quick to offer dueling explanations.

That’s where Stephen Colbert comes into play. The liberal equivalent of talk radio took over not just a pair of cable news networks, but also invaded late-night television: the one-sided ridicule of politicians based on party, the revolving door of guests from the same political persuasion, the relentless mockery of the political outgroup.